You can give a life insurance policy, paid up or with premiums remaining, to the Hinsdale Central Foundation by naming the Hinsdale Central Foundation as both beneficiary and owner of the policy. Your charitable deduction will approximate the cash value of the insurance policy at the time of the gift. You may also consider making a restricted annual gift to offset premiums on the policy, should they remain.
To do this, please send a letter such as the one below to your insurance agent.
In recognition of the important role Hinsdale Central High School has played in my life, please change the ownership and beneficiary status of life insurance policy number ____________ (death benefit of $_________) for the benefit the Hinsdale Central Foundation.
Once these changes have been made, I would like a copy of the policy with premium renewal notices mailed to
Hinsdale Central Foundation
PO Box 296
Clarendon Hills IL 60302.
Please consider consulting your attorney and/or tax advisor when planning a donation to the Hinsdale Central Foundation.